Texas

American Residential Group to Build Six-Story Apartment Project in Tulsa Arts District

by John Nelson January 4, 2019

TULSA, OKLA. — American Residential Group (ARG) plans to build The View, a six-story multifamily property that will be located in the Tulsa Arts District. The 198-unit project will feature high-end finishes, a rooftop amenity deck and an attached parking structure. Situated just outside Tulsa’s central business district, The View will be located directly across the street from the ONEOK Field, the home baseball park of the Tulsa Drillers. ARG will break ground early this year on The View with a projected completion date of late 2020. ARG purchased the entire square block on the southeast corner of Archer Street and Elgin Avenue from the Tulsa Stadium Trust in 2015. The lot falls within a Qualified Opportunity Zone.

January 4, 2019

Development Leasing Activity Retail Texas

Sprouts Farmers Market to Open New Store in Sugar Land, Texas

by John Nelson January 4, 2019

SUGAR LAND, TEXAS — Sprouts Farmers Market, a specialty grocer based in Phoenix, plans to open a new store in Sugar Land on Wednesday, Jan. 16. The 30,000-square-foot store will be located at 13550 University Blvd. and will staff roughly 140 employees. According to the Houston Chronicle, the grocery store will anchor Phase II of University Commons, a shopping center owned by Houston-based Vista Properties. Other tenants coming to the 109,000-square-foot second phase include Ulta Beauty, Luna Grill, U’Maki and Tropical Smoothie. Phase I of University Commons spans 150,000 square feet and is leased to tenants including Burlington, Michaels, CVS/pharmacy and The Tile Shop. University Commons’ design team includes O’Brien Architects and Arch-Con Construction. The new Sugar Land store will donate unsold and edible groceries to Houston Food Bank through the grocer’s Food Rescue program. Sprouts employs more than 28,000 team members and operates more than 300 stores in 19 states.

January 4, 2019

Acquisitions Loans Multifamily Texas

NXT Capital Provides $18M Acquisition Loan for Houston Multifamily Community

by John Nelson January 4, 2019

HOUSTON — NXT Capital has provided an $18 million loan to finance the acquisition of a 216-unit, Class B apartment community in Houston. The property name was undisclosed, but the asset is situated 11 miles west of George Bush Intercontinental Airport and one mile west of Interstate 45. Community amenities include a clubhouse with a business center, fitness center, sand volleyball court, outdoor fire pits, outdoor grills, dog park, putting green and a swimming pool with a sun deck. Steve Whitehead of NorthMarq Capital’s Dallas office placed the loan with NXT Capital on behalf of the undisclosed borrower.

January 4, 2019

Leasing Activity Office Texas

Coworking Firm Leases 30,616 SF at Office Building in Plano

by John Nelson January 4, 2019

PLANO, TEXAS — CityCentral, a coworking office space provider based in Dallas, has leased 30,616 square feet within Atrium at Collin Ridge in east Plano. The 281,315-square-foot office building is located at 500 N. Central Expressway at the northeast corner of President George Bush Turnpike and North Central Expressway. CityCentral’s new location will provide more than 100 private offices, as well as coworking spaces, meeting rooms and event spaces. Matthew Hickey and Kristin Grammar of TIG Real Estate Services Inc. represented CityCentral in the lease negotiations, while Paladin Partners represented the undisclosed landlord. This will be CityCentral’s third location in the Dallas market, with a fourth location opening in Frisco later this year.

January 4, 2019

Acquisitions Retail Texas

Centurion American Acquires Collin Creek Mall in Plano, Plans $1B Facelift

by Taylor Williams January 3, 2019

PLANO, TEXAS — Metro Dallas-based development firm Centurion America has acquired the majority of the Collin Creek Mall in Plano, with plans to spend $1 billion to convert the 1.1 million-square-foot shopping destination into a mixed-use development. According to Community Impact Newspaper, the company acquired the anchor buildings formerly occupied by Macy’s, Dillard’s and Sears, as well as the interior structure of the mall. John Schupp, Mike Kennedy and Darrell Betts of Avison Young brokered the sale of the mall and the adjacent property formerly occupied by Sears. Once rezoning is approved, construction is slated to begin in summer 2019. The project is expected to be completed in multiple phases with a final completion date tentatively set for 2021. The future of the mall, which has faced declining occupancy in recent years, has been uncertain since Dallas developer Sam Ware’s bid to acquire the property fell through in 2018.

January 3, 2019

The-Shops-at-Chisholm-Trail-Ranch-Fort-Worth

Development Retail Texas

2GR Equity to Develop 215,000 SF Retail Power Center in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Grapevine, Texas-based 2GR Equity, in a joint venture with Paravest Capital and StreetLevel Investments, will develop a 215,000-square-foot retail power center at the corner of Chisholm Trail Parkway and McPherson Road in Fort Worth. The center, which will be branded The Shops at Chisholm Trail Ranch, will be situated on 35 acres within the Chisholm Trail Ranch master-planned development. The property is 70 percent preleased to tenants such as Marshalls, Old Navy, Ulta Beauty, Five Below and Sprint. The project is scheduled for completion during the first half of 2020.

January 3, 2019

Development Mixed-Use Texas

Sam Moon Group Nears Completion of Metropark Square Mixed-Use Project in Metro Houston

by Taylor Williams January 3, 2019

SHENANDOAH, TEXAS — Dallas-based developer Sam Moon Group is nearing completion of Metropark Square, a 175,000-square-foot mixed-use project in Shenandoah, about 30 miles north of Houston. The development will feature a 10-screen AMC movie theater, Urban Air Adventure Park, outdoor event space, Dave & Buster’s, Hyatt House hotel and other retail and restaurant options. The movie theater will open in February and Urban Air will open in March. Houston-based NewQuest Properties will handle leasing of the other retail spaces.

January 3, 2019

Industrial Leasing Activity Texas

Logistics Firm Leases 155,038 SF in Fort Worth

by Taylor Williams January 3, 2019

FORT WORTH, TEXAS — Mallory Alexander, a third-party logistics provider, has leased 155,038 square feet at 35/20 Crossroads Distribution Center in Fort Worth. The rail-served property features 32-foot clear heights, 190-foot truck court depths and access to Interstates 35 and 20. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove, in the lease negotiations.

January 3, 2019

Industrial Leasing Activity Texas

Finial Group Negotiates 18,471 SF Industrial Lease Renewal in Houston

by Taylor Williams January 3, 2019

HOUSTON — Houston-based Finial Group has negotiated an 18,471-square-foot industrial lease renewal at Four Seasons Business Park in Houston. Jack Gaffney of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Interwell US LLC, which services the upstream side of the oil and gas industry, was not disclosed.

January 3, 2019

Loans Multifamily Texas

Meridian Capital Arranges $51.6M Acquisition Loan for Houston Apartments

by Taylor Williams January 2, 2019

HOUSTON —New York City-based Meridian Capital Group has arranged a $51.6 million acquisition loan for Lakeview Apartments and Estates, two multifamily properties in Houston totaling 566 units. Both properties offer resort-style pools, fitness centers and nearby jogging trails. Zev Karpel of Meridian Capital Group arranged the loan, which featured a 12-year term, a 4.89 percent interest rate and a 30-year amortization schedule, through Capital One on behalf of the borrower, Marlin Spring Investments.

January 2, 2019

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